FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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15. The capital accounts of the partnership of NN, VV, and JJ on June 1, 2021 are presented below with their respective profit and loss ratios: NN. .P139,200 1/2 .P 208,800 1/3 .P 96,000 1/6 V . J . On June 1, 2021, LL is admitted to the partnership when LL purchased, for P132,000, a proportionate interest from NN and JJ in the net assets and profits of the partnership. As a result of a transaction LL acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by NN and JJ upon the sale of a portion of their interest in the partnership to LL? O a. а. РО O b. P43,200 Oc. P62,400 O d. P82,000
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Transcribed Image Text:15. The capital accounts of the partnership of NN, VV, and JJ on June 1, 2021 are presented below with their respective profit and loss ratios: NN. .P139,200 1/2 .P 208,800 1/3 .P 96,000 1/6 V . J . On June 1, 2021, LL is admitted to the partnership when LL purchased, for P132,000, a proportionate interest from NN and JJ in the net assets and profits of the partnership. As a result of a transaction LL acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by NN and JJ upon the sale of a portion of their interest in the partnership to LL? O a. а. РО O b. P43,200 Oc. P62,400 O d. P82,000
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